Damning court filings show Morgan Stanley pushed risky subprime mortgage lending

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Damning court filings show Morgan Stanley pushed risky subprime mortgage lending

Damning court filings show Morgan Stanley pushed risky subprime mortgage lending

VOX-


1. Court filings say Morgan Stanley, a major Wall Street bank, pushed subprime lender New Century into making riskier and riskier mortgage loans, the New York Times reports.

2. The filings include damning emails, showing that Morgan Stanley employees knew about and even joked about some borrowers’ inability to pay on their mortgages.

3. The Justice Department is now investigating the connection between Morgan Stanley and New Century.

4. The fines further tarnish the reputation of a big bank that, despite its heavy involvement in mortgage-backed securities, until recently had few crisis-related legal troubles.

[VOX]

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